Midwest Art Conservation Center Inc
- Assets
- $2.8m
- Revenue
- $2.7m
- Investments
- $0.0
- Employees
- 15
- Location
- Minneapolis, MN
- Founding
- 12/1977
- Data as of
- 06/2023
- EIN
- 41-1312834
Organization Overview
Midwest Art Conservation Center Inc is located in Minneapolis, MN. The organization was established in 1977. According to its NTEE Classification (A82) the organization is classified as: Historical Societies & Historic Preservation, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2023, Midwest Art Conservation Center Inc employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Midwest Art Conservation Center Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2023, Midwest Art Conservation Center Inc generated $2.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 9.8% each year. All expenses for the organization totaled $2.2m during the year ending 06/2023. While expenses have increased by 8.1% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
A NONPROFIT CENTER FOR THE PRESERVATION AND CONSERVATION OF ART AND ARTIFACTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
CONSERVATION: SEE SCHEDULE O
PREVENTIVE CONSERVATION: SEE SCHEDULE O
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Doug Argue Director | Trustee | 1 | $0 |
Sarah Brew Director | Trustee | 1 | $0 |
Conley Brooks Director | Trustee | 1 | $0 |
Tova Brandt Director | Trustee | 1 | $0 |
Stacy Coon Director | Trustee | 1 | $0 |
Siri Engberg Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $145,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $558,540 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $703,540 |
| Total Program Service Revenue | $2,017,762 |
| Investment income | $43,418 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$87,046 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,677,674 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $157,566 |
| Compensation of current officers, directors, key employees. | $72,373 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $894,185 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $143,757 |
| Payroll taxes | $78,303 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,344 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $10,541 |
| Fees for services: Other | $469,111 |
| Advertising and promotion | $993 |
| Office expenses | $237,462 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $119,919 |
| Travel | $20,715 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $13,399 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $14,898 |
| Insurance | $11,081 |
| All other expenses | $0 |
| Total functional expenses | $2,224,387 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $197,564 |
| Savings and temporary cash investments | $656,706 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $609,101 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $16,328 |
| Net Land, buildings, and equipment | $26,293 |
| Investments—publicly traded securities | $1,173,138 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $118,806 |
| Total assets | $2,797,936 |
| Accounts payable and accrued expenses | $35,591 |
| Grants payable | $0 |
| Deferred revenue | $111,594 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $121,692 |
| Total liabilities | $268,877 |
| Net assets without donor restrictions | $1,776,036 |
| Net assets with donor restrictions | $753,023 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $2,797,936 |